Stellantis gains in first day of trading after Fiat-PSA merger
Stellantis NV, the carmaker formed from the merger of Fiat Chrysler Automobiles NV and PSA Group, advanced in its first day of trading after completing a more than two-year effort to form one of the world’s largest vehicle manufacturers.
The shares rose 2.8% to 12.92 euros in Milan, where Fiat Chrysler investors retained their existing holdings in the company renamed Stellantis. The stock also is debuting in Paris, with PSA holders received 1.742 Stellantis shares for each share held in the French carmaker.
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The listings are the culmination of talks then-PSA Chief Executive Officer Carlos Tavares initiated with his counterpart at Fiat Chrysler in late 2018. The 62-year-old will lead an automotive behemoth with roughly 400,000 employees and 14 brands into an uncertain future, where cars increasingly run off of batteries and software and the combustion engine meets its demise.
Fiat Chrysler and PSA were worth a combined 39.4 billion euros ($47.6 billion) at the close of trading last week, a fraction of the $783 billion market capitalization of Tesla Inc., the world’s most valuable automaker.